Government has refuted reports that it intends to nationalise Zambia National Commercial Bank, whose 49 % stake was was sold to Rabobank in 2007 at US$8.25 million. Reacting to Professor Oliver Saasa’s comment in the Post Newspaper that President Michael Sata’s statement on Zanaco was premature and sends shivers in the economy that government is going to nationalise the bank, Special Assistant to the President for Economic and Development Affairs Paul Siame said that no decision has been made by Government to nationalize ZANACO.
In a press release to the media today , Mr Siame said that it was not the policy of the PF Government to nationalise companies. Mr Siame further said that the Government of the Republic of Zambia welcomed investors across all sectors of the economy and has provided for incentives aimed specifically at increased levels of investment and international trade, as well as increased domestic economic growth.
“Transparency, property protection and non discrimination are investment policy principles that underpin the Government’s efforts to create a sound investment environment for all in order to spur more domestic investment, sustain high levels of foreign investment and enhance economic diversification”, read the statement
“The Government has a duty as custodians of national assets to protect public interest where they may be allegations of corruption such as the privatization process of Zamtel and therefore institute investigations.”
“In the case of Zamtel, investigations did indeed prove that it was corruptly privatized and the Government took the necessary corrective measures in national interest in line with its policy of zero tolerance on corruption,” stated the statement before saying that the Government fully supported measures that encourage responsible business conduct by all investors, be they small or large, domestic or foreign.
The release concluded by saying that the Government will continue promoting investment, foreign and domestic to tap emerging and existing investment opportunities to boost the country’s development objectives towards becoming a diversified economy driven by investment and a vibrant private sector.
The Government has a duty as custodians of national assets to protect public interest where they may be allegations of corruption such as the privatization process of Zamtel and therefore institute investigations.
thanks for confirming this. Then the question is, when are you securing the 14billion from Nchito and Mmembe? since this huge sum is Zambian Property.
can someone explain to me whether the preident is part of government or not because sata himself is the one who released the statement that zanaco will be nationalised…maybe it was hullucinations.
that statement sounds like its from Chellah not that Siame chap
Siame you are fired
#1 Good point, #2 Sata is the CEO of Government, but because of lack of discipline and adherence to speak from written speeches, the president looks disconnected from his troops and making his government look like a circus. Most of the ministers in this Government used to just shoot from their head and at least the ministers have been put in check by Chikwada and most of them now speak from prepared speeches. Looks like Chikwanda has a job to do on the president himself
This Siame guy, did you say that he is the President’s special advisor on economics? My God, he must be a dis-advisor to the President not an advisor. Look Mr Siame, we HEARD and SAW what the President said on the State TV. The President said that if companies were privatised corruptly then the government would take over. He gave the example of ZAMTEL and followed up with ZANACO in the same breath. If ZAMTEL was nationalised because it was corruptly sold, and the President says that ZANACO was also corruptly sold, what do you think should happene to ZANACO? Now we know who is dis-advising the President, come on Siame, we are not day olds!
You Mr Siame has not explained what Ukwa was on about? Are you now stating that Ukwa’s statement was the usual verbal pooo?
why is PF govt failing to make a decision over ZANACO? PF Govt needs to show leadership on this matter. we are tired of fires and fire fighting on this issue by the same govt.
@ # 7 what is poooo??? I m lost just trying to figure out. though sometime back I had some poooo as a result of bad food. is that what you mean???
Ukwa said it last week..why are you refusing now..?
Ukwa mentioned that last week..why are you refuting it now..?
Innocent mistake, guys. Only meant to talk about Zamtel nationalization. But Mmembe and Nchito were both breathing down my neck, threatening me. You see, these guys have an axe to grind with DBZ, but not only that – any BANK. So I had to mention a bank some how, and Zanaco quickly came to mind :((
Kuli kanthu……..! are going or coming as a nation:)
Nationalise ZANACO to give Nchito and Mmembe more billions not to be paid back…..then blame judges….akolwe imwe, ni ya anyoko bank kapena ni auso……demeti shaaa!
The statement made on nationaliazation of Zanaco has made the share price to drop from k1,300 to k160. This has disadvantaged those in rural areas who invested honestly in this bank.Many people have lost trust in this government for making them lose the little they earned with their sweat.
In English, the statement that ” …. has disadvantaged people in the rural areas” is an insult. Which rural people understand your flawed capital markets to invest in them. The savy and intelligent rural people would rather invest in assets with higher returns than your fancy stocks that return less than the rate of inflation!!!
ZAMTEL was repossessed because it was allegedly sold corruptly, so said Mr Sata. He also stated that ZANACO was also sold corruptly. Therefore the same fate should befall ZANACO. Now Mr Sata through his economic advisor has denied such intentions. Question is: was ZAMTEL a soft target because the buyers are African? Is ZANACO going to be spared because the buyers come from a donor country, in Europe? I thought that PF only applied selective justice to Zambians only, now this!!!
Sata said it in very simple plain english, why are these minions trying to show the Sata is a liar?
Upnd tribalist will always compLicate issues even if they are straigjht forward.the gotv has said it no nationalisation period what do you want to hear now